A cutting die having a chisel attached to its outer periphery is typically utilized to accurately cut stacks of paper material and the like. The cutting die has a raised cutting edge which is adapted to engage and cut the desired shape in a central portion of the stack of paper. The chisel has a cutting edge which is adapted to engage and cut the peripheral portions of the paper which form the excess and scrap portions of the paper. By cutting the peripheral portions of the stack, the peripheral portions of the paper do not bind and cause the inaccurate cuts in the central portion.
The chisel is typically attached to the cutting die using screws and the like. Unfortunately, manufacturing corresponding screw holes in the cutting die and chisel is relatively expensive and time consuming. Similarly, constantly assembling and disassembling the cutting die/chisel combination for different cutting operations is relatively difficult and time consuming. Furthermore, the chisel cannot be repositioned about the periphery of the cutting die since the chisel is screwed to the cutting die. Attempts to magnetically attach the chisel to the cutting die heretofore have been relatively unsuccessful because the magnets have not been strong enough to resist the forces exerted upon the chisel during the cutting operation and the chisel moved relative to the cutting die.